ECO 203 Week 1 DQ 1
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Economics Systems-Discussion 1
Discuss how your college education could be considered an investment in human capital. What is the opportunity cost of your degree?
Reference: Chapter 1, section 1.1: Economics and Chapter 2, section 2.1: Limited Resources.
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ECO 203 Week 1 DQ 2
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Economics is the study of how society chooses to allocate its scarce productive resources (labor, capital, land, entrepreneurial talent).
In a mixed economy, elements of both central planning and market allocation of resources are used in allocating productive resources. The United States economy is a mixed economy, with a bias towards market allocation of resources. This means most resources are allocated in the private sector by way of markets.
Discuss whether you favor a larger or smaller role of government in the economy. Refer to concepts found in the reading to support your opinion.
Reference: Chapter 2: Markets, Governments, and Nations: The Organization of Economic Activity
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ECO 203 Week 2 DQ 1
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Imagine a scenario where there is a decline in aggregate demand. Identify which part of the business cycle is part of a decline in aggregate demand. Gross Domestic Product (GDP) measures the amount of new production. A change in the amount of new production affects employment. Describe what would happen to GDP, the unemployment rate and the inflation rate if there is a decline in aggregate demand.
Reference: Chapter 6, section 6.3: Aggregate Equilibrium and Changes in Equilibrium.
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ECO 203 Week 3...